A seller's market for used car trading
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- Published date: June 3, 2021
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- Assoaera, Goa, India
It's a good idea for consumers who buy new cars or buy and sell second-hand cars to learn about the second-hand car market. Since most buyers trade in, the more you get, the less you pay each month.
That's good news.
Tom kontos, chief economist at Carr global, a used car wholesale auction company, said the basic reason why used car wholesale prices are now at or near "historic highs" is the same as new cars.
"Tight supply and strong demand continue to drive wholesale prices and conversion rates to record highs," kontos said in its February wholesale value report released on March 29
Conversion rate refers to the number of products sold in a dealer only auction as a percentage of the number of products sold. A high conversion rate means that wholesale buyers are snapping up the products they offer.
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New car stocks are tight as new car production recovers slowly from the coronavirus pandemic in the past 12 months and from a shortage of computer chips in 2021. This has a direct impact on the supply of "almost new" used cars.
In addition, as new car sales are weaker than before, this means that dealers are trading fewer old cars for new ones, so there is less second-hand garage stock available.
At the same time, there is a high demand for used car trading. This is partly because it's the tax rebate season, which is usually the busiest time of the year to sell used cars to retail customers. Analysts say high new car prices have also prompted some consumers to switch to used cars.
In addition, government stimulus measures are expected to lead to a rise in used car sales, kontos said. "Driven by stimulus funds and tax rebates, dealers seem to be hoarding stocks for the strong spring market," he said
Of course, for consumers, the negative effect of the high transaction price of second-hand cars is that although you may get more from the trade in, the prices of new cars and used car trading are also very high. So they may cost you more.
Specifically, kontos reported that the average wholesale price of used cars, cars and trucks in February was $13240, up 16.8% from the same period last year. In February, the average wholesale price of used cars was $9624, up 15.1%; The average truck price was $15644, up 15.6%.
In addition, J.D. Power and LMC automotive estimate that the average retail transaction price of new cars (including cars and trucks) reached a record $37524 in February.
Kontos novel coronavirus pneumonia said: "the wholesale price of used cars increased further in February, with an average value increasing substantially over January, and two percentage increase over the level before the new crown pneumonia." This trend continued into the first two weeks of March, the last few weeks of last year that were not affected by the epidemic
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